Swedish Algae Factory completed a $5.1M capital investment round.
Swedish Algae Factory, a Gothenburg, Sweden-based manufacturer of an alternative energy solution based on algae, announced securing a SEK 53M ($5.1M) capital investment round.
Swedish Algae Factory, founded in 2014 based on research by professor Angela Wulff and led by CEO Sofie Allert, developed an alternative energy solution which extracts a unique nanoporous silica material from silica algae, a single cell microscopic type of algae. The material has exceptional light manipulating properties as well as the ability to absorb or release particles depending on the surrounding environment.
The company's technology is used for extracting silica algae which can be used, among other things, in the production of skin cosmetics, UV protection and to get more out of solar cells. Unlike many chemicals in the same applications, silica is more environmentally friendly. Production is circular; the algae cleans waste water, absorbs carbon dioxide and also creates a nutritious organic biomass that can be used for eg. fish feed or fertilizer.